Should You Get Moving Insurance From Your Movers or Not? Well if that is the question on your mind, then you are at the right place. This article aims to inform you on the ins and outs of moving insurance so that you can make an informed decision on the matter. Like any other insurance covers, one should take into consideration the cost of the cover, and do a little digging to get informed on the statistics regarding this kind of insurance. If you have had the chance to look at the statistics, you will realize that the numbers suggest that getting moving insurance might no be a bad idea after all. Statistics show that the number of complaints received regarding moving damages, have been on the rise in recent years. Why are this cases on the rise? You might ask yourself, and as it turns out, most of this complaints are attributed to the public’s ignorance on how insurance works in the moving business.
Most people are often not aware of their various insurance’s jurisdictions. For instance, people think that their property is under their their homeowners’ insurance. While this might be true, it is of vital importance to note that, that kind of insurance only covers the property while it’s still in the premises, say when it is being parked from within the premises. It’s also important to note that while this is the norm, people should also inquire from their corresponding agents in order to be advised on their cover, in some cases, they may differ.
People also make the assumption that the moving companies also provide insurance for their goods while they are being transported. As a matter of fact, moving companies are not allowed to offer insurance by law. This is a measure put in place to discourage and prevent scams. However, they do offer is valuation. Well what is valuation? Valuation can be simply defined as the predetermined limit of liability the moving company is willing to incur. Make sure to read the contract to find more on the valuation the company is offering you.
Now that you are enlightened on the reality, that your goods are not insured during transportation, it’s a good idea to make an effort an get a good insurance to cover them. There are basically two policy types you can acquire, depending on your needs. Offer by the industry leader, MovingInsurance.com, LLC, the policies are; Full Replacement Value – Valued Inventory and Full
Replacement Value – Lump Sum
Full Replacement Value – Valued Inventory basically carters for three types of movements. They consist of interstate, that is from one state to another, intrastate, which is moving within the same state and international. The cover provided under this option is based on an inventory that is presented by the insured, stating the value of the shipment, before the actual moving date.
On the other hand, Full Replacement Value – Lump Sum differs a little bit. It focuses on interstate and international good transit. It’s based on the total declared value of the properties.
With this options and information gained, one can then decide on which insurance to buy for their goods when moving from place to place.